Irish bio-products maker Clonbio recorded profit after tax of €111m in 2021, an increase of 24% from €89.4m the previous year.
The company, which develops products from grain including proteins and fuels, saw year-on-year turnover growth fo 25%, reporting revenues of €450m, driven by higher prices and higher value sales.
Richie Boucher, chairman of ClonBio, said: “Climate change, the war in Ukraine and the unfolding energy crisis further highlight the necessity for food chain resilience, energy security and rapid progress on decarbonisation.
"Biofuels from diverse sources offer immediate and sustainable solutions to the current food, energy and climate crises, as well as new income sources for Europe’s farmers.”
Clonbio said it had invested over €100m in both 2021 and 2022 in capital expenditure, including biogas joint ventures in both Ireland and Slovenia and the acquisition of a technology solutions company last year.
In Association with
This year it has commissioned two large alternative plants in Hungary, acquired a controlling stake in Canada tech company, made large biogas investments through JVs in Hungary and Serbia, and taken over an ethanol plant in Wisconsin, and a plastics recycling company in Ireland, in addition to buying a non-controlling stake in a 24MW merchant wind farm.
Mark Turley, founder and CEO of Clonbio, added: “Despite inflationary pressures and unprecedented supply chain challenges and price spikes of the last year, all of our previously announced investments (€200m investment programme 2020-2022) will be completed and commissioned by the end of this year.
"This activity is in addition to an active and ongoing programme of M&A, that will see ClonBio become a leading biogas producer in Hungary, Serbia, Slovenia and Ireland.
“Two of our most transformative investments right now are our new barley protein plant in Hungary and our investment in Green Generation in Ireland," he continued.
"Our barley processing plant will be fully operational by year end and is set to become a key source of plant proteins for human consumption, whilst Billy Costello’s Green Generation is already a trailblazer in biomethane and plastic recycling. Both businesses offer comparable investment potential in other markets and are strongly aligned with our sustainability focus”.
Group average employment increased by 77 to 356 last year, and the company said that figure is set to increase to 500 this year, inclusive of a 65-strong team of dedicated Engineers and R&D professionals developing multiple new product opportunities, including soluble and insoluble protein concentrates and isolates and fibre-derived products, primarily for nutrition.
The group has been engaged in multiple acquisitions and company formations in 2021 and 2022 in Europe and North America in plastic recycling, biofuels, process technology, and renewable power generation.
"Trading to mid-year was ahead of expectation, with higher input costs also reflected in higher market prices," Turley said.
"However, commodity price volatility over recent months alongside a poor grain harvest in Hungary and rising energy and transport costs make for a more challenging outlook to year end and into 2023.
“Despite these challenges we are optimistic about ClonBio’s breakthroughs in alternative proteins, some of which we see coming to market over the course of 2022 and we are confident that 2022, will see further meaningful progress developing new, higher value sustainable products, whilst supporting food chain resilience, energy security and the green transition."
